Andrada reports strong growth and positive cash flow for FY2026
Andrada Mining has announced a significant increase in production and revenue for the year ending 28 February 2026, alongside a notable shift to positive operating cash flow, marking a key milestone in the company’s development.
The company processed 8% more ore year-on-year, with tin concentrate production rising 15% to 1,740 tonnes. Contained tin production also grew by 13% to 1,036 tonnes, maintaining a steady tin recovery rate of 72%. These results stem from operations at Andrada’s Uis mine in Namibia, a central asset within its expanding critical minerals portfolio.
Revenue for the year increased by 34% to £30.1 million, supported by a 20% rise in realised tin prices. Gross profit reached £7.7 million, with EBITDA at £3.3 million. The company narrowed its operating loss to £2.6 million and achieved an operating cash flow inflow of £4.7 million, reversing last year’s outflow of £4.0 million.
Strengthening strategic partnerships and expanding portfolio
During the period, Andrada extended its long-term tin offtake agreement with Thaisarco, granting exclusive rights to all tin concentrate produced at Uis. As part of the arrangement, Thaisarco provided an unsecured advance payment of US$3 million, enhancing the company’s financial flexibility.
Exploration activities progressed at Lithium Ridge in partnership with SQM, confirming high-grade lithium alongside tin and tantalum mineralisation. At Brandberg West, Andrada entered a staged earn-in agreement with BWCAM to develop the project, including its potential for tailings recovery.
Additionally, Andrada secured a cooperation agreement with the European Investment Bank, providing up to €2 million in non-dilutive technical assistance to support advancing the Uis lithium expansion towards a bankable feasibility stage.
Financial strength and strategic growth
During FY2026, Andrada converted US$3.1 million of shareholder debt into equity and raised £5 million through a strategic equity subscription, with £4.5 million from Talent10 Resources as an anchor investor. These moves underpin the company’s broader strategy to transition from a single-asset tin producer to a diversified critical minerals business.
Alongside tin production at Uis, Andrada is advancing projects in lithium, tantalum, tungsten, and copper within Namibia. The company’s approach includes developing mining assets, conducting geological and processing work, and leveraging partnerships, offtake agreements, and external financing to support growth.
AGM scheduled for September
Andrada has published its Annual Report and AGM notice on its website. The Annual General Meeting is scheduled to take place in Guernsey on 30 September 2026. The company confirmed that its board governance arrangements continue to follow the latest QCA Corporate Governance Code, including updates to committee leadership.
With solid operational performance, strengthened financial foundations, and an expanding portfolio, Andrada Mining is well positioned to advance its critical minerals strategy in the coming year.
